Real Analytics ninjas use goals. Google Analytics has always had URL Goals (when a visitor reaches a specific page) and then later added Engagement Goals to track success metrics around visit depth and time on site. Now finally they have added Event Goals, a constantly requested feature that tracks visitor actions that don't correspond directly to pageviews (such as a PDF download or interaction with a flash video).
Another 2 ways you might like to use Event Goals is tracking downloads (e.g. category “download”, action "whitepaper", label "cloud computing") or using the event value as the conversion value (when a goal is matched, the value passed in the event will be used as the goal value).
These are just a couple of examples of how you can take advantage of Event Goals in the new Google Analytics. You can read more on how to implement Event Tracking on Google Code and how to set up goals in the new Analytics.
The new version of Google Analytics is currently available in beta to a number of Analytics users. More users will soon be given access. Sign up for early access.